According to a report by JPMorgan, the upgrade of the Ethereum network known as the Shanghai upgrade has not met expectations. Daily transactions on the Ethereum network have dropped by 12%. The number of daily active addresses has fallen by almost 20%, and the Total Value Locked (TVL) in decentralized finance (DeFi) has decreased by 8%. A decline in stablecoin supply is also impacting the network’s activity and DeFi protocols. The report also mentions EIP-4844, which aims to address some of the shortcomings observed after the Shanghai upgrade. However, JPMorgan’s analysts warn that bearish forces in the cryptocurrency market may still pose challenges.
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